Support for cryptocurrencies in Washington has been growing in recent months, with bills submitted that seek to categorize and regulate them as a separate entity, and now a new political action committee (PAC) is helping to fund these crypto-supporting entities. Named HODLpac, the PAC will direct funds to congressional candidates who back blockchain legislation through a uniquely blockchain method.
We’re excited to announce the launch of HODLpac – a community-governed political action committee helping elect candidates who support the decentralized economy to the United States Congress. https://t.co/Mu611nIexs
— HODLpac (@HODLpac) March 23, 2020
Pushing the “Next Frontier”
HODLpac has been founded by Tyler Whirty, a staffer at libertarian think tank Cato Institute, and features an impressive roster of backers, Brian Armstrong of Coinbase, Cameron and Tyler Winklevoss, Olaf Carlson-Wee of Polychain Capital, and Nathan McCauley of Anchorage.
The community-governed group says it has a vision of a future where “the most foundational aspects of society — finance, technology, governance to name a few — are decentralized, along with the power associated with them.” Calling cryptocurrency networks the “next frontier”, the group states that the current regulatory approach is hampering the ability of blockchain projects to reach their full potential, which is what they aim to change.
From Small Acorns
The group is under no illusions about the scope of the challenge, nothing that “money talks” in Washington. Therefore, they will fight to secure campaign funding for those candidates who publicly support the benefits of decentralization, blockchain technology, and cryptocurrencies, such as recent presidential candidate Andrew Yang.
HODLpac admits that they themselves are not a decentralized autonomous organization, but they are committed to emulating the spirit of decentralization, holding periodic community ballots through ‘HODLvotes’ where donors can vote for who should get the funding.
Given that this PAC is just starting out and supports a non-traditional way of thinking, it does not yet have the financial clout to make a big impact on the political stage. However, as blockchain technology and the potential for decentralization becomes more and more understood, they could prove to have a growing role in helping the blockchain dream one day become a reality.